UAE shipping industry sets course for regulation



ABU DHABI // The Middle East's first classification society to focus on regulation of the UAE shipping industry will be complete by the end of the year.

Tasneef, which was launched last November, aims to regulate about 350 medium-sized vessels, between 300 and 400 yachts and 40 naval ships.

Tasneef is in talks with the National Transport Authority to allow certain types of yachts to fall under its remit.

It is a step in the right direction for the UAE shipping industry, said Capt Fekry Mni, the managing director of Dubai-based Red Sea Marine, yesterday.

"This is a remarkable achievement. There are 63 international classification bodies, but none are Arab," he said.

There are 13 major classification societies, worldwide, under the banner of the International Association of Classification Societies (IACS), that conduct surveys and certifications. Currently, UAE-based boats can follow regulations provided by any number of IACS-accredited societies.

Having a local system will tighten control on regulations, said Alfy Mathews, the operations manager of Ali and Sons Marine Engineering Factory, in Abu Dhabi.

"There are so many guidelines - from [those concerning] marine environment, to pollution - that have to be followed.

"This [Tasneef] will be in-house and [will make those in the shipping industry] more comfortable."

The announcement was made last night at a conference in the capital in which Tasneef revealed it would be forming a three-year partnership with the Italian-based classification society, Rina Group, and said it plans to adopt its system.

The selection process started last March, after which Rina was selected to work alongside Tasneef.

The partnership officially began on January 15 and will aid the UAE in its attempts to eventually be recognised by IACS.

"This will maintain safety standards of vessels, ships," said Omur Sahinoglu, the business development manager for Tasneef.

"The objective is to verify the structural strength and integrity of essential parts of the ship's hull and its appendages and reliability and function of the propulsion and steering systems," Mr Sahinoglu added.

Power generation, steering systems and other features are also regulated. Tasneef will, among other services, offer statutory and classification services, technical consultancy, inspections and training.

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

The biog

Name: Dhabia Khalifa AlQubaisi

Age: 23

How she spends spare time: Playing with cats at the clinic and feeding them

Inspiration: My father. He’s a hard working man who has been through a lot to provide us with everything we need

Favourite book: Attitude, emotions and the psychology of cats by Dr Nicholes Dodman

Favourit film: 101 Dalmatians - it remind me of my childhood and began my love of dogs 

Word of advice: By being patient, good things will come and by staying positive you’ll have the will to continue to love what you're doing

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What is blockchain?

Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.

The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.

Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.

However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.

Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.

Test

Director: S Sashikanth

Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan

Star rating: 2/5

UAE squad

Humaira Tasneem (c), Chamani Senevirathne (vc), Subha Srinivasan, NIsha Ali, Udeni Kuruppuarachchi, Chaya Mughal, Roopa Nagraj, Esha Oza, Ishani Senevirathne, Heena Hotchandani, Keveesha Kumari, Judith Cleetus, Chavi Bhatt, Namita D’Souza.

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Ministry of Interior
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Position: legal consultant with Al Rowaad Advocates and Legal Consultants.